BKH vs VXZ: Correlation
Measured on weekly returns over the past three years, Black Hills Corporation (BKH) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BKH and VXZ?
Over the past 3 years, BKH and VXZ moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.19) sits close to the 3-year figure. Over 5 years the correlation is -0.31, and the annualized covariance of weekly returns is -138.9 %².
Out of 13 assets tracked against BKH, VXZ lands near the bottom at #12. The last year tells two different stories: BKH led by 42.6 percentage points, +26.5% for BKH against -16.1% for VXZ.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BKH vs VXZ: side by side
| BKH (Black Hills Corporation) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +26.5% | -16.1% |
| 5-year return | +27.4% | -53.1% |
| Volatility (ann.) | 21.5% | 25.6% |
| Beta vs S&P 500 | 0.32 | -1.31 |
| Max drawdown (3Y) | -14.1% | -36.4% |
| Market cap | $5.6B | – |
| P/E (trailing) | 18.5 | – |
| Dividend yield | 3.74% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BKH | VXZ |
|---|---|---|
| 2022 | +3.1% | +0.5% |
| 2023 | -19.9% | -44.0% |
| 2024 | +13.6% | -12.7% |
| 2025 | +23.9% | +5.7% |
| 2026 | +8.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BKH and VXZ good diversifiers for each other?
Yes. With a correlation of -0.25, BKH and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BKH and VXZ?
As of 2026-08-27, the correlation of weekly returns between BKH and VXZ is -0.25 over 3 years, -0.19 over 1 year and -0.31 over 5 years.
Is VXZ a good diversifier for BKH?
Yes. With a correlation of -0.25, BKH and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bkh-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bkh-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BKH correlations · VXZ correlations
